- New Zealand quarterly headline and core retail sales up by 1.2%
- Japanese core machinery orders show weaker than expected 8.8% gain y/y
- Australia’s MI inflation expectations down from 3.8% to 3.1%
- Nikkei marks 0.66% gain for the day
- U.K. RICS house price balance at 49% vs. 51% estimate
- Euro zone GDP figures to disappoint?
A bit of good news for the Kiwi, finally! NZD/USD popped slightly higher when New Zealand reported a 1.2% quarterly gain in headline and core retail sales. The pair rallied to a high of .8489 before sinking back to the .8470 levels. Over in Australia, MI inflation expectations slipped from 3.8% to 3.1%, yet the Aussie managed to stay afloat after the release.
Japan continued its streak of dismal data, as the country printed a weaker than expected 8.8% gain in core machinery orders. This was much lower than the estimated 15.5% increase and was not enough to show a strong rebound from the previous month’s 19.8% decline. Despite that, the Nikkei managed to post a 0.66% gain for the day as yen pairs edged higher.
USD/JPY is once again testing the 102.50 minor psychological resistance while EUR/JPY is stalling at the 137.00 handle. GBP/JPY is struggling to hold on to the 171.00 handle, after the BOE Inflation Report yesterday turned out more dovish than expected and the RICS house price balance showed a 49% reading versus the estimated 51% figure.
The euro could steal the spotlight in the next few hours, as GDP figures from its top economies are up for release. Germany might show a 0.1% quarterly contraction while France is slated to print a 0.1% uptick, with weaker than expected figures likely to keep euro gains at bay. The region’s overall Q2 GDP reading and final CPI figure for July are also up for release.
Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.
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